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Every 8 years, the Bank of Canada reviews overnight lending rates and announces any changes. When the changes are made, they will usually affect the rate by 0.25 percent either up or down. The COVID-19 Pandemic altered this pattern, with rates falling to 0.25% per annum. The overnight lending rate influences variable mortgage rates. However, this happens because lenders use the Bank of Canada's overnight lending rate to set their prime rate. If the Bank of Canada raises its overnight rate, the prime rate will also rise. In this sense, variable mortgage effective rates will also increase.
 
The consensus among customers is that MMG Mortgages provides superior customer service. Numerous customers appreciate the team's professionalism and responsiveness in addressing their queries or concerns. The performance of individual mortgage specialists has been widely praised for their excellent work. Several first-time home buyers reported complete confidence in their advisor's ability to tackle any challenge that arose during the transactions. Customers are pleased with most mortgage experts, such as Wreena, Julie, Kyle, Heather, Jacki, and the office staff, for providing affordable payment options tailored to their needs. Their expertise and dedication to meeting each customer's purpose have attracted a healthy recommendation rate. Some reviews noted the care and effort taken to hold their hands and ensure they understood the mortgage conditions given their limited financial knowledge. MMG Mortgages' significant efforts to help customers navigate the complexities of refinancing and home purchasing seamlessly have paid off. Customers are impressed and relieved during the consultation and processing stages, making the company a high-quality mortgage broker.